Cryptocurrency’s market value rose to $2.06 trillion on
Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin
reached as high as $48,152, the highest level since May 16, as it showed
staying power above its 200-day moving average.
It wasn’t just bitcoin holding up the overall market
advance, however. As of 1 p.m. in Hong Kong on Sunday, Cardano — now the
third-ranked cryptocurrency after bitcoin and Ether — was up 47% over the past
seven days. Binance Coin gained 14%, XRP 61% and Dogecoin 18% over the same
period, according to CoinGecko pricing.
“Bitcoin continues above its critical 200-day moving
average,” Fundstrat strategists wrote in a note Friday. “Also on our radar is
Cardano (ADA), which after signaling smart contracts are soon to hit the
platform earlier this week is up” significantly.
The moves higher came even after the cryptocurrency industry
failed to win a change to crypto tax reporting rules in a U.S. infrastructure
bill, leaving intact language for broad oversight of virtual currencies in the
legislation that passed the Senate on Tuesday.
“The price of Bitcoin was surprisingly resilient in the wake
of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note dated
Saturday. “We interpreted this price action as extremely bullish,” and “we
think the recognition of the crypto industry by lawmakers was ultimately a
legitimizing event, one that should give investors comfort that this industry
is here to stay.”
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